Agrium to Sell Assets to Trammo

Agrium Inc. (TSX:AGU,NYSE:AGU) announced that it has entered into a definitive agreement to sell its Niota and Meredosia storage and distribution facilities to Trammo Inc. subsidiaries. The sale price is approximately $50 million.

As quoted in the press release:

The sale is related to the discontinuation of Agrium’s North American purchase for resale business, a decision that was made as part of Agrium’s recent portfolio review process. The transaction is subject to customary closing conditions, final purchase price adjustments and regulatory clearances and is anticipated to close by the first quarter of 2015.

Chuck Magro, Agrium’s president and CEO, stated:

We are very pleased with the value received for the Niota and Meredosia assets. This is another step towards simplifying our portfolio and focusing on our core businesses which will drive long-term shareholder value.

Click here for the full Agrium Inc. (TSX:AGU,NYSE:AGU) press release